Country Reports
2022
March 7, 2022
People’s Republic of China—Hong Kong Special Administrative Region: 2022 Article IV Consultation Discussions-Press Release; and Staff Report
Description: Hong Kong SAR’s economy is recovering strongly as ample policy space has allowed the enaction of swift and bold policy responses to address the unprecedented crisis emanating from multiple shocks, including notably the pandemic. But the recovery remains uneven, with private consumption lagging, owing, in part, to a zero- COVID tolerance approach. The financial sector has remained resilient supported by significant buffers, strong institutional frameworks, and a well-functioning Linked Exchange Rate System (LERS). Increasing financial linkages with Mainland China bring both opportunities and challenges for growth and financial stability.
March 2, 2022
West African Economic and Monetary Union: Selected Issues
Description: Selected Issues
March 2, 2022
Zimbabwe: Technical Assistance Report-Basel III Implementation
Description: As a follow-up to the 2019 FSSR, a remote TA mission supported the RBZ with the implementation of Basel III liquidity standards. The mission reviewed the RBZ drafts of the LCR and NSFR frameworks, discussed identified material gaps with the BSD management and relevant supervisors, and provided many recommendations on enhancing the drafts of liquidity regulations, monitoring tools, reporting templates, and disclosure. Further actions for implementing Basel III liquidity standards were agreed with the RBZ.
March 2, 2022
West African Economic and Monetary Union: Staff Report On Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive for the WAEMU
Description: The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears to be broadly sound. However, the region faces significant challenges to ensure the sustainability of macroeconomic policies, while supporting the economic recovery and navigating the uncertain outlook.
March 1, 2022
Republic of Kazakhstan: Technical Assistance Report-Risk-Based Supervision Pillar 2 Implementation
Description: This virtual technical assistance (TA) mission supported the Agency in strengthening certain elements of its risk based supervisory framework. The mission focused on assisting the Agency with its development of internal supervisory methodologies for assessing a bank’s ICAAP, and for setting individual Pillar 2 supervisory capital requirements. The mission provided recommendations and targeted training. The priorities for the next TA missions were discussed with the Agency (strengthening banking supervision and cybersecurity, and diagnostic TA of insurance sector supervision will be considered). The mission benefited from simultaneous translation.
March 1, 2022
Republic of Kazakhstan: Technical Assistance Report-Risk-Based Supervision Pillar 2 Liquidity
Description: This virtual technical assistance (TA) mission assisted the Agency in strengthening liquidity elements of its risk-based supervisory framework. The mission focused on supporting the Agency with the development of internal supervisory methodology for the assessment of banks’ ILAAP and setting individual Pillar 2 supervisory liquidity requirements and provided guidance on stress testing and sensitivity analysis through survival horizon analysis. The mission consisted of a combination of presentations, discussions, and trainings, including case studies, and covered the BCBS standards on liquidity risk and other jurisdictions’ approaches for the assessment of ILAAP and the Pillar 2 liquidity supervisory review process. This mission should be seen in the context of previous three IMF TA missions which were held since September 2020.
February 28, 2022
Zimbabwe: Technical Assistance Report-Undertaking Supervisory Examinations Remotely Due to COVID-19 Operational Restrictions
Description: The RBZ is in the process of recommencing on-site examinations, but due to COVID-19 operational restrictions, these will need to be undertaken remotely. The RBZ has developed a draft remote examination framework document to guide this work and requested AFS assistance to review the framework, and also provide information on how other supervisors are undertaking examinations remotely. The mission provided training on international practice of remote examinations, which was presented by supervisors from the Bank of Ghana (BOG), Bank of Thailand (BOT) and the De Nederlandsche Bank (DNB) and reviewed the draft remote examination framework document. The training covered adjustments to examination framework and operational issues and key points of consideration when undertaking examinations remotely. The mission also reviewed the RBZ consolidated examination manual, to provide feedback to the RBZ on the feasibility of undertaking supervisory examinations remotely, as described in the manual and provide points for consideration for undertaking such examination remotely.
February 25, 2022
Arab Republic of Egypt: Technical Assistance Report-Improving Surveillance of Public-Private Partnerships
Description: This report summarizes key findings and recommendations of two off-site visits made by Mr. Benoit Wiest, Public Financial Management Advisor at METAC, and Ms. Katja Funke, Expert, between December 2020 and April 2021. The mission worked with the Public-Private Partnerships (PPPs) unit to develop capacities and transparency of fiscal risk management, and support the update of the regulatory framework, as well as the analysis of fiscal risks from PPPs.
February 24, 2022
Republic of Poland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Poland
Description: The Polish economy has rebounded strongly, with policy actions limiting the damage from the pandemic-induced recession by supporting employment and avoiding unnecessary bankruptcies. While the pandemic continues to take a toll on lives, the economy has been less impacted by successive waves of the pandemic.